Food delivery startup Wonder is moving closer to becoming a publicly traded company after confidentially filing for an initial public offering (IPO). The companyannouncedthe filing on Thursday, marking a major milestone following years of fundraising, acquisitions, and expansion.
Wonder has yet to reveal how many shares it plans to make available or the expected price range.
Founded in 2018 by entrepreneur Marc Lore, Wonder has evolved from a food delivery concept into a broader food technology business. Its model goes beyond traditional delivery apps, with the company operating food hall-style locations where customers can order meals from multiple restaurant brands through a single platform. The company handles everything from meal preparation to delivery, pickup, and dine-in service.
Lore, who previously founded Jet.com and Diapers.com, has made no secret of his plans to take Wonder public. Those ambitions gained further attention in July, when the company announced it had raised more than $650 million in a funding round that valued it at around $9 billion. Investors include Accel, GV, AllianceBernstein, and ARK Invest.
Meanwhile, Wonder has been busy expanding its footprint and strengthening its business through acquisitions. The company has outlined ambitious growth plans, including a major push into Texas, where it aims to open more than 100 locations by the end of 2027.
Additionally, Wonder has acquired meal-kit company Blue Apron, restaurant delivery platform Grubhub, media company Tastemade, and kitchen robotics company Spyce. The latter acquisition gives Wonder access to automation technology that could help streamline food preparation and improve how food is served.
Wonder is also branching out with Wonder Create, its platform focused on letting food entrepreneurs and social media influencers develop new food concepts, restaurant brands, and menu items. The platform leverages AI to design and launch restaurant brands in less than a minute.
Another notable move is its $425 million partnership with DoorDash to expand its campus dining business, which operates at 450 colleges and universities and other locations.
Despite its growth, a move into the public markets will bring new challenges. Wonder is operating in an increasingly competitive food delivery landscape, going up against established names such as DoorDash and Uber Eats.
